Citigroup Inc. Sells 15,453 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Citigroup Inc. lowered its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 29.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 37,289 shares of the financial services provider's stock after selling 15,453 shares during the quarter. Citigroup Inc.'s holdings in LPL Financial were worth $8,675,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC bought a new position in LPL Financial in the second quarter valued at about $25,000. Key Financial Inc acquired a new position in LPL Financial during the 2nd quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new position in shares of LPL Financial in the 3rd quarter valued at about $31,000. Paladin Wealth LLC bought a new position in shares of LPL Financial in the 3rd quarter valued at about $34,000. Finally, Crewe Advisors LLC grew its position in shares of LPL Financial by 360.7% during the 2nd quarter. Crewe Advisors LLC now owns 129 shares of the financial services provider's stock worth $36,000 after buying an additional 101 shares during the period. 95.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on LPLA shares. The Goldman Sachs Group lifted their target price on shares of LPL Financial from $271.00 to $305.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Wells Fargo & Company raised LPL Financial from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $235.00 to $285.00 in a research note on Wednesday, October 9th. Citigroup increased their target price on LPL Financial from $285.00 to $310.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. JMP Securities reiterated a "market outperform" rating and issued a $310.00 price target on shares of LPL Financial in a research report on Wednesday, October 9th. Finally, StockNews.com upgraded shares of LPL Financial from a "sell" rating to a "hold" rating in a report on Saturday, November 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $286.92.

LPL Financial Stock Down 0.2 %

LPLA traded down $0.57 during trading hours on Friday, hitting $325.15. 254,082 shares of the company's stock were exchanged, compared to its average volume of 733,273. The stock's 50-day moving average is $274.56 and its two-hundred day moving average is $255.21. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.60. LPL Financial Holdings Inc. has a 1-year low of $187.19 and a 1-year high of $330.72. The stock has a market cap of $24.35 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 1.59 and a beta of 0.85.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share for the quarter, topping analysts' consensus estimates of $3.69 by $0.47. The business had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.04 billion. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The firm's revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the previous year, the company earned $3.74 earnings per share. Sell-side analysts predict that LPL Financial Holdings Inc. will post 16.1 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.20 annualized dividend and a dividend yield of 0.37%. LPL Financial's dividend payout ratio is currently 9.02%.

About LPL Financial

LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.